Bitcoin is permitted by Law, Chinese Arbitration Court Says - page 2.

denzkilim

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Quote from: aoluain on October 28, 2018, 05:33:29 AM

Quote from: xfaqs01 on October 28, 2018, 05:20:39 AM

Quote from: daarul50 on October 28, 2018, 05:15:21 AM

I was tired of all the news from China about the cryptocurrency because the news had no effect on the crypto movement other than playing on the psychological crypto users to be used by some greedy people.

hahaha i feel you man, weve been hearing negative news for a long time from china but now is different, who knows this one would be differrent, the price might react because its a positive news.

I stopped caring about crypto news from China a long time ago. News from
there creates short term market movements which dont really affect me and
there may be a positive reaction to this news . . . Or maybe not.

The main thing is there are people other countries trying to do positive things
with crypto, its not all about China.

I don't know why almost every people look at China as a threat to the Crypto Currency industry and every news that comes from China people/investors easily get panic.
There's nothing wrong if that country wants to use crypto currencies such as Bitcoin and if they want to legalize it will be better. I think these people think China controls the market because they have the majority of mining farms in the world and people think that if a country owns a lot of mining farm most of the crypto currency flow goes through that country which is correct but it doesn't mean that they have the power to control the value of Bitcoin because all of those mining farms and crypto currencies don't belong to a single person or company it belongs to different people with different points of view and way of thinking.
Manipulation is done by Whales that hodls a huge amount of Bitcoin and a huge amount of fiat and in this way can easily control the market if you know what I mean. Cool

Dextract

newbie

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They had banned ICO's since many ICO's had scammed people so they tried to protect their citizens

aoluain

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Quote from: xfaqs01 on October 28, 2018, 05:20:39 AM

Quote from: daarul50 on October 28, 2018, 05:15:21 AM

I was tired of all the news from China about the cryptocurrency because the news had no effect on the crypto movement other than playing on the psychological crypto users to be used by some greedy people.

hahaha i feel you man, weve been hearing negative news for a long time from china but now is different, who knows this one would be differrent, the price might react because its a positive news.

I stopped caring about crypto news from China a long time ago. News from
there creates short term market movements which dont really affect me and
there may be a positive reaction to this news . . . Or maybe not.

The main thing is there are people other countries trying to do positive things
with crypto, its not all about China.

gilangIDR

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Activity: 1526

Merit: 1001

Quote from: Sherwood_Archer on October 26, 2018, 11:31:46 AM

https://bitcoinist.com/bitcoin-permitted-law-china-court/
The Shenzhen Court of International Arbitration recently issued a ruling saying there is no prohibition against Bitcoin ownership and transfer in China. The decision means that despite the ban on ICOs and virtual currency trading, Bitcoin and other cryptocurrencies are legally regarded as property in the country.
Unsurprising since they basically mine the majority of bitcoin in the world. We will see how this would influence other countries.

This will be very good news because then the Chinese state becomes more open to Bitcoin transactions. That way, Bitcoin and Crypto will grow and as we know that the Chinese market is the largest in the world. With this support, it is not possible that crypto will experience a much more positive phase next year, namely 2019.

xfaqs01

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Quote from: daarul50 on October 28, 2018, 05:15:21 AM

I was tired of all the news from China about the cryptocurrency because the news had no effect on the crypto movement other than playing on the psychological crypto users to be used by some greedy people.

hahaha i feel you man, weve been hearing negative news for a long time from china but now is different, who knows this one would be differrent, the price might react because its a positive news.

sidebyside

member

Activity: 245

Merit: 10

This is really a big news. Investors can still keep their bitcoin, so store bitcoin in the water is legal. I was very surprised when they banned the ICO project and traded with bitcoin but they allowed everyone to own bitcoin. I think this news will benefit bitcoin operators in China. And this is opening up opportunities for the banning of bitcoins to be broken in the future

daarul50

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I was tired of all the news from China about the cryptocurrency because the news had no effect on the crypto movement other than playing on the psychological crypto users to be used by some greedy people.

Manuj

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Never mind the chinese. Permitted or not in china, Bitcoin will prevail. That is the fact. No need to argue.

kenel

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Activity: 578

Merit: 250

you just need to start accepting cryptocurrencies to pay for any goods and show others that it is not difficult

Fredsaw

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It remains to be seen how much weight this news has. As they still have a ban on ICOs but that could be for the prevention of fraudsters which cause influx that would undermine the market. If this does pan out positively it could mean a lot of traction for the crypto markets expansion as more big countries could take the same step in order to maintain competiton. We'll see what happens in time.

ribowo76

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The World's 1st Waste to Green Energy DLT Project

It feels, I will not care about China. Whatever the government says, or whatever regulations have been made for crypto by the Chinese government, I don't care

squatter

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STOP SNITCHIN'

Quote from: dothebeats on October 26, 2018, 12:53:21 PM

Anything coming out of China is irrelevant by now, though it still can mean something that's worth noting i.e. short-term market movements.

I wouldn't say China is irrelevant. Chinese mining hardware producers, mining farms and mining pools are a very big part of the ecosystem. There's really no hardware producers that begin to compare to Bitmain's scale. China is also a huge market for cryptocurrency investment with its 1.4 billion strong population.

The old "China bans Bitcoin" tricks might not have the same effect as they did in 2013, but they're still a big part of the market. The rest of the world is just catching up.

franky1

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Quote from: Sherwood_Archer on October 26, 2018, 11:31:46 AM

https://bitcoinist.com/bitcoin-permitted-law-china-court/
The Shenzhen Court of International Arbitration recently issued a ruling saying there is no prohibition against Bitcoin ownership and transfer in China. The decision means that despite the ban on ICOs and virtual currency trading, Bitcoin and other cryptocurrencies are legally regarded as property in the country.
Unsurprising since they basically mine the majority of bitcoin in the world. We will see how this would influence other countries.

1. ownership AND transfer
meaning exchanging is allowed (but you might want to avoid using chinese exchanges that also accept fiat. as thats a different kettle of fish of regulation debate(stick to altcoin exchanges)

2. china basically DO NOT mine the majority of bitcoin
firstly. in 2012 10.5mill bitcoins were mined using CPU/GPU. total got to ~13mill coins(more than 50%) GPU mined..BEFORE ASICS
as for the pools tagged as "china" the majority are not actually in china.
take antpool. you will notice their coin rewards go to half a dozen known addresses. these addresses are different facilities in places like iceland, georgia, san fran, and mongolia. they are also not managed by one person but separate. again you can tell as there is one address thats bech32 (countering th notion that its all controlled by Wu and wu hates segwit) because that facility is run, located and managed by people unrelated to "china"..
take slushpool. thats managed in thailand. f2pool. thats world wide. btcc.. well thats just dropped off the planet lol

have a nice day

Conasse

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Culotte Jaune Officielle

Does it mean, it's going to be less strict there with crypto (I exclude the ICOs)? It will give a breath to the crypto market at least.

kingcolex

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Quote from: SnowAugustine on October 26, 2018, 01:04:25 PM

China is trying to dominate in cryptocurrency. It is also trying to dominate in artificial intelligence. Other countries should already monitor China if they are not yet doing it because knowing China, there is something more happening behind all these. They have been allegedly manipulating their own economy. They are also known to spread propaganda to their own citizens. With crypto and AI, they can do those things more easily.

Every large country can see the writing on the wall, crypto is going to be big business like a second silicon valley. Each country wants the jobs but wants to walk a fine line where they actually get taxes from it and it isn't rampant with ico scams.

pixie85

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You are allowed to own Bitcoin in China. Cheesy

Are they really making a big deal out of it? This country banned Bitcoin trading and Bitcoin mining and now people have to go to court to confirm that they can own a digital asses obtained on the Internet. What's next? They'll be asking the court if they're allowed to enter a www address or read a forum? This country is plain stupid and people are afraid to stand up for themselves.

SnowAugustine

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China is trying to dominate in cryptocurrency. It is also trying to dominate in artificial intelligence. Other countries should already monitor China if they are not yet doing it because knowing China, there is something more happening behind all these. They have been allegedly manipulating their own economy. They are also known to spread propaganda to their own citizens. With crypto and AI, they can do those things more easily.

dothebeats

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Cashback 15%

Aren't we tired of all the news in the Chinese scene? It's quite unusual for a country to be the leader when it comes to mining while their citizens can't own it. It's like saying you can produce guns but you can't own it, which is quite ironic IMO. This new wave of nonsense coming from China seems to be a way to establish confidence from traders and another bait for the traders to bite.

Anything coming out of China is irrelevant by now, though it still can mean something that's worth noting i.e. short-term market movements.

reverseflash

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Quote from: UconBit on October 26, 2018, 12:44:25 PM

If China has already permitted bitcoin by law then it will be soon enough for the US and other countries to follow. They won't let themselves fall behind. They would see why China is doing it and adopt it as well. Letting one country dominate cryptocurrency after all will not be good for everybody.

“Officially authorized” and “non-prohibited” are two different things. But nevertheless, this means that China is open to cryptocurrencies, and the ban on ICO is most likely introduced in order to avoid the possible influx of fraudsters that could undermine the potential market.

UconBit

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If China has already permitted bitcoin by law then it will be soon enough for the US and other countries to follow. They won't let themselves fall behind. They would see why China is doing it and adopt it as well. Letting one country dominate cryptocurrency after all will not be good for everybody.

Topic: Bitcoin is permitted by Law, Chinese Arbitration Court Says - page 2. (Read 637 times)